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REBNY Report: NYC Home Sales Volume and Value Dip in 1Q18

May 10, 2018

Citywide declines offset by all-time high average sales prices for coops in Manhattan and Queens; one-to-three family dwellings in the Bronx, Staten Island, and Queens

The New York City residential sales market recorded a 16 percent decrease in citywide consideration (monetary value for completed transactions) totaling $10.3 billion in the first quarter of 2018, compared to $12.3 billion in the first quarter of 2017, according to the Real Estate Board of New York’s (REBNY) Residential Sales Report.

This was the third consecutive quarter of year-over-year declines in New York City’s total residential sales consideration. The market has not experienced three quarters of consecutive year-over-year decreases since the third quarter of 2009. The $2 billion decrease in total citywide consideration registered in the first quarter of 2018 was the largest year-over-year drop since the third quarter of 2009.

In the first quarter of 2018, home sales volume decreased 10 percent to 10,869 transactions citywide. The total number of home sales fell 20 percent to 2,417 in Manhattan; 15 percent to 2,466 in Brooklyn; 9 percent to 1,338 in Staten Island; and 4 percent to 3,650 in Queens. Homes sales in the Bronx increased eight percent to 998 in the first quarter of 2018.

“The declines in consideration and transactions are largely attributable to a slowdown in sales activity at the high end of the Manhattan market,” said John H. Banks, REBNY President. “Demand has remained strong in other important market segments as demonstrated by several new average sales price records set for cooperative units and one-to-three-family dwellings throughout the boroughs.”

Sales of Manhattan homes $3 million dollars and above were down 30 percent. The largest decline in sales by price range was the $5 million and above category in which the number of sales fell 37 percent year-over-year.

The average sales price for a home (cooperative, condominium, and one-to-three family dwelling) in New York City was $951,000 in the first quarter of 2018, a seven percent decline from the first quarter of 2017.

Increasing 11 percent year-over-year, the average sales price of a New York City cooperative unit was $791,000 this quarter. In Manhattan, the average sales price for a coop rose 11 percent to a new record of $1,308,000, while in Queens, the average sales price for a coop increased 13 percent to a new record of $310,000 in the first quarter of 2018.

The average sales price for a one-to-three family dwelling in New York City was also $791,000 this quarter, a two percent increase from the first quarter of 2017. All-time high average sales prices for one-to-three family dwellings were recorded in: Queens, rising six percent to $717,000; the Bronx, increasing seven percent to $517,000; and Staten Island, climbing nine percent to $563,000 in the first quarter of 2018 when compared to the first quarter of 2017.

Decreasing 20 percent year-over-year, the New York City condominium average sales price was $1.56 million in the first quarter of 2018. This was driven by the Manhattan condo average sales price, which dropped 17 percent to $2,508,000 from an all-time high average sales price of $3,032,000 in the first quarter of 2017.

ADDITIONAL HIGHLIGHTS FROM REBNY’S FIRST QUARTER 2018 NEW YORK CITY RESIDENTIAL SALES REPORT

Manhattan: In the first quarter of 2018, the average sales price of a condo in Midtown West increased five percent to $2,025,000 compared to the first quarter of 2017. There were 113 condo sales in Midtown West during the first quarter of 2018, a decrease of 28 percent from the first quarter of last year.

Brooklyn: In Canarsie, the average sales price of a one-to-three family dwelling increased nine percent to $550,000 compared to the first quarter of last year. The number of one-to-three family dwelling sales in Canarsie increased 14 percent to 106 year-over-year.

Queens: The average sales price of a coop unit in Rego Park / Forest Hills / Kew Gardens was $339,000, a 14 percent increase from the first quarter of last year. Rego Park / Forest Hills / Kew Gardens registered 255 coop sales in the first quarter of 2018, an 18 percent decrease from the first quarter of 2017.

The Bronx: There were 119 one-to-three family home sales in City Island / Pelham Bay / Pelham Strip / Country Club / Throgs Neck / Schuylerville this quarter, a 10 percent increase year-over-year. The average sales price of a one-to-three family dwelling in the area was $552,000, an increase of 14 percent from the first quarter of 2017.

Staten Island: The average sales price of a one-to-three family dwelling in New Brighton was $464,000 in the first quarter of 2018, a 25 percent rise from the first quarter of last year. The number of one-to-three family dwelling sales in this neighborhood increased 36 percent to 38 sales year-over-year.